The crypto industry is making a massive push in the 2026 midterms, pouring over $200 million into congressional races to influence favorable regulations. This makes it the largest group of single-issue super PACs in U.S. history, surpassing other industries like online betting and data centers. Fairshake, a major crypto advocacy group, is backing 33 House candidates, 19 Republicans and 14 Democrats, with significant financial support. Six key incumbents, including Republicans Bryan Steil, French Hill, and Bill Huizenga, as well as Democrats Janelle Bynum, Derek Tran, and Steven Horsford, are each receiving at least $1 million from Fairshake.
Coinbase Global has been a major contributor, donating $25 million to Fairshake's midterm efforts in 2025. Ryan VanGrack, vice chairman at Coinbase, emphasized the industry's goal of modernizing the financial system, stating that crypto can help move money more cheaply and invest more easily. However, the industry faced setbacks in the current Congress, particularly with the stalled Clarity Act, which Democrats argued did not adequately prevent government officials from profiting off crypto ventures.
Voter priorities are shifting, with economic affordability topping concerns. Rep. Steven Horsford noted that while crypto is still relevant, especially for small businesses, the affordability crisis is the primary issue for many voters. The Ohio Senate race between Sherrod Brown, a crypto critic, and Jon Husted, a pro-crypto Republican, is a critical test of the industry's influence. Fairshake has already spent $55 million opposing Brown, following a $40 million effort in 2024.
The crypto industry is hopeful about its investments, pointing to successes like the GENIUS Act, which established the first federal framework for stablecoins. Ripple's chief legal officer, Stu Alderoty, argued that the industry has seen significant progress, including clearer rules from regulatory agencies. However, former New York governor Andrew Cuomo warned that lawmaking may stall if Congress changes hands in January, creating a hostile environment between a Democratic Congress and a Trump administration.